News Broadcasting
TV18 to bring internet biz under Web 18
MUMBAI: Television Eighteen is consolidating its internet businesses under a single holding company, Web 18.
Web 18 will undertake activities of acquisitions of other internet businesses and websites, in exchange for cash stock or other valid consideration, including the website. TV18 will hold its EGM on 29 June to also allow Web 18 to raise funds from strategic and financial investors via private placement or public listing or in any other manner in one or more tranches. The TV18 Group, however, will retain control and at least 51 per cent of the voting rights of Web 18.
Web 18 will reserve up to a maximum of 10 per cent of its shareholding to run a stock option plan for its employees and other key personnel.
TV18 has been acquiring internet properties to create a bouquet. The company recently acquired a 50 per cent stake in the Indian arm of Jobstreet.com. Eariler in the year, it had invested in Yatra Online where other investors included Anil Ambani’s Reliance Capital and Norwest Venture Partners (NVP) – Promod Haque’s leading venture capital firm.
The company also manages online platforms which include moneycontrol.com, commoditiescontrol.com, poweryourtrade.com and ibnlive.com.
